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Money. From the benefit expressed in percentage to hope to receive whichThe schedule of a marginal efficiency of the capital allows the borrower, are subject
To deduction: 1 - costs on payment of intermediaries between borrowers and lenders;
2 - the basic and additional surtax; 3 - the award which requires The lender as indemnification for risk and uncertainty. Only after It we come to pure benefit, which can be offered to incline The proprietor to offer liquidity. If in the conditions of tolerable average Employment this pure benefit becomes infinitesimal methods can To appear useless.
Coming back to a direct subject of our research, we will note, What is the parity between the national income and quantity of money Stability will depend on a liquidity preference, and or Instability of the prices in long-term aspect will depend on intensity Upward adjustment of unit of wages (or, more precisely, units Costs) after comparison "with growth rates of efficiency industrial Systems.
THE BOOK THE SIXTH
SHORT PARAGRAPHS IN CONNECTION WITH THE GENERAL THEORY
CHAPTER 22
Paragraphs about a business cycle
We believe that in previous heads have shown the factors defining Employment volume during each given moment and if we are right, our theory
Should be suitable and for an explanation of the phenomena of a business cycle.
If we start to investigate in details any separate moment Business cycle we will find out that position is rather difficult and for
Complete explanation each element of our analysis is necessary. In particular, we
Let's find that fluctuations in propensity to consumption, in a preference condition
Liquidities and in a marginal efficiency of the capital play a part. But I believe that main lines of a business cycle, and especially Alternation regularity in time and its duration, - as
Justifies the name a cycle - are connected with the mechanism, fluctuations of the limiting
Efficiency of capital. In my opinion, is better to consider the economic Cycle as the phenomenon caused by cyclic changes of the limiting
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